Preheat the oven to 325ºF. Grease a 9×13 glass baking pan with cooking spray and set aside.
In a large mixing bowl, whisk together the cake flour, sugar, baking powder, and salt.
3 cups cake flour, 1½ cups granulated sugar, 1 tablespoon baking powder, ½ teaspoon salt
Add the softened butter to the dry ingredients. Mix on low with a hand mixer until the mixture looks like damp, coarse sand with no dry flour left, about 1 minute. Set aside.
1 cup salted butter
In a medium bowl, whisk together the eggs, vanilla, and milk until well blended.
4 large eggs, 2 teaspoons vanilla extract, 1 cup whole milk
With the mixer on low, pour in half of the wet ingredients and mix until combined. Add the remaining wet ingredients and mix just until the batter is smooth (about 1 minute). Scrape down the bowl and be careful not to overmix. Gently fold in the sprinkles by hand.
¾ cup colorful sprinkles
Pour the batter into the prepared pan and spread it evenly. Bake at 325ºF for 35–38 minutes, until a toothpick inserted in the center comes out with a few moist crumbs. Avoid overbaking so the cake stays moist.
Make the frosting:
In a stand mixer bowl, with the mixer on medium speed, whip the butter for 2 minutes until it is almost white in color.
1 cup salted butter
Add in the powdered sugar, vanilla and 3 tablespoons cream. Beat on low speed for 3-5 minutes, adding in the last tablespoon or two of cream if the buttercream needs to be thinner.
Fold in the sprinkles, then spread on the cooled cake. Sprinkle with additional sprinkles if desired.
⅓ cup colorful sprinkles
Notes
For the best texture, don't skip the reverse-creaming step. The butter should be fully worked into the dry ingredients until the mixture resembles damp sand before you add the liquid ingredients.
Soft butter, room temperature eggs, and room temperature milk all blend together more evenly and give you a better texture.
Have a metal pan? Metal conducts heat faster than glass, so bake in a metal 9×13 pan at 350ºF and start checking for doneness around 30 minutes.
Sprinkles. Use classic sprinkles (jimmies) rather than nonpareils, which tend to bleed their color into the batter. Fold them in at the very end so they stay bright.
Store covered at room temperature for up to 3 days, or refrigerate for up to 5. This cake also freezes well, wrapped tightly, for up to 3 months.